Lower and middle income Americans already now that they will be paying a large chunk of Joe Biden’s new taxes on energy, gasoline, heat, retirement accounts and more.
They’re the ones buying fuel to commute to their jobs and trying to set aside a little bit for their senior years.
Now they’re learning they’ll also be the targets of nearly three-quarters of a million additional Internal Revenue Service audits each year.
According to a report from Fox Business, an analysis by House Republicans confirms that people with annual incomes of $75,000 or less will be subject to 710,863 more audits provided for in the Democrats’ mis-named “Inflation Reduction Act,” which studies show actually will increase some inflation.
The study said those making more than $1 million will see another 52,295 audits.
“Value shoppers at Walmart and other retailers, already struggling with higher prices and more expensive fuel to drive to the store, will get hit with 710,000 additional audits thanks to the Manchin-Biden Democrat bill,” charged House Ways and Means Committee ranking member Kevin Brady, R-Texas.
“Every retailer in the U.S. who cares about their hard-hit customers should be fighting to block this unnecessary harassment of hard-working Americans,” he said.
Those with incomes between $75,000 and $200,00- will see another 236,685 audits, all part of the Democrats’ efforts to violate Biden’s promise that no one with an income under $400,000 a year could see a tax increase under his regime.
The Democrat-approved bill, in fact, calls for the collection of an additional $124 billion in revenue through the audits.
The Fox Business report confirmed, “The legislation doesn’t explicitly guarantee that Americans making under $400,000 won’t see tax increases under the IRS provision. The bill states that it is not ‘intended’ to increase rates for taxpayers who aren’t in the top 1% of earners.”
But William McBride, of the Tax Foundation, said that’s very little assurance.
“Intent is a somewhat squishy word,” he said.
“The fact of the matter is most returns report income under $100,000. That’s where the money is, so to speak.”
A report at Just the News pointed out Biden’s claim that the legislation “does not raise taxes on those making under $400,000 a year – not one cent.’
But tax experts says there’s no question that there are new taxes from Biden’s plan on the middle class.
And that, the report said, could prove to be a costly error – a mistake made earlier by President George H.W. Bush, who promised no new taxes, but then caved to the Democrat agenda and allowed a whole slew of new taxes.
“Fast-forward three decades, and it appears Biden could be setting himself up for history to repeat itself, with the de facto tax hikes on those making less than $400,000 in the Inflation Reduction Act,” the report explained.
Further, there are indirect taxes, such as the Democrats’ demand that corporations pay billions more in taxes. The people most affected by those will be the companies’ customers.
The report explained, “Preston Brashers, senior analyst for tax policy at the Heritage Foundation, used figures from the CBO and the Joint Committee on Taxation to calculate that taxpayers with adjusted gross incomes below $75,000 would ultimately pay an estimated $136 billion, or about 26%, of new revenues from the corporate minimum tax and the IRS enforcement provisions contained in the bill.”
Those in the $75,000-$200,000 income range will pay, under the bill, another $152 billion in taxes.
Further, it is expected to aggravate inflation, for which families are paying thousands more even this year to maintain their lifestyle.
Biden’s approval on his economic policies now has reached a low of just 30%.
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